Sunday, November 19, 2017

Sunday roundup (11-19-2017)

Merkel fourth term in doubt as German coalition talks fail (Reuters)

[In the United States,] Ivanka’s signature real estate deals were disasters linked to drug cartels and money laundering: The president’s daughter has been at the center of a pair of the presidential projects tied most closely to grand corruption. (ThinkProgress)

     The aim of this blog is to show (mostly from reports in mainstream respected news sources) that there is reason to believe that both the United States and the global economies remain fragile in the wake of the financial crisis of 2008 and that a number of threats exist today that could, if they worsened, bring about economic depression -- not just a minor depression, but a depression worse than the Great Depression. Key threats include excessive risk-taking by financial firms, unchecked by effective regulation; the continued existence of "too big to fail" institutions; and most especially, the amassing of levels of public and private debt which could become unsustainable.

Saturday, November 18, 2017

Saturday roundup (11-18-2017)

Germany supplants US as the country with the best global reputation (CNN)

Lebanon's prime minister arrives in Paris, heralding the end of one crisis but perhaps starting another (The Los Angeles Times)

Top general [in the United States] says he would resist "illegal" nuke order from Trump (CBSNews)

GOP tax plan: Nearly half of benefits go to top 1 percent: ‘There has never been a tax cut in American history in which taxes were raised on the poor to benefit the wealthy,’ Joy Reid’s guest Bruce Bartlett says of the GOP tax plan. (MSNBC) Bruce Bartlett On Tax Plan: Why Aren't People Marching In The Streets? (Crooks and Liars blog)



Robert Reich Debunks The 7 Biggest Economic Lies Republicans Love To Tell In 2 Minutes (VIDEO [from Oct. 10k 2011]) (ReverbPress)




The House Just Voted to Bankrupt Graduate Students (The New York Times)

The Cause and Consequences of the Retail Apocalypse: Private equity firms overburdened businesses with debt, and now workers are paying the price. Will policymakers do anything about it? (New Republic)

A year after Trump's election, coal's future remains bleak (Reuters)

Texans blast Trump's $44B storm relief package as 'inadequate' as White House goes on defense (The Dallas Morning News)

Trump halts decision to allow elephant trophy imports after uproar (Reuters) Trump faced public and private pressure to halt elephant hunting trophy imports (The Washington Post)

Trump advisers only show him positive polls: report (The Hill) Trump still loves polls: The president often decries surveys showing him with slumping support as fake, but advisers say he can't stop himself from obsessively keeping track. (Politico)

Aides give up on trying to control Trump’s tweets: Trump’s post on Franken allegations was the latest example of the president's habit of using his Twitter account to draw fire, rather than deflecting it. (Politico)

The walls are closing in on Jared Kushner: New reports show that the president's son-in-law may have hidden key details pertinent to the ongoing Russia investigation. (ThinkProgress)




The media is giving up its place in our democracy by Chris Wallace (The Washington Post)

     The aim of this blog is to show (mostly from reports in mainstream respected news sources) that there is reason to believe that both the United States and the global economies remain fragile in the wake of the financial crisis of 2008 and that a number of threats exist today that could, if they worsened, bring about economic depression -- not just a minor depression, but a depression worse than the Great Depression. Key threats include excessive risk-taking by financial firms, unchecked by effective regulation; the continued existence of "too big to fail" institutions; and most especially, the amassing of levels of public and private debt which could become unsustainable.

Friday, November 17, 2017

Friday roundup (11-17-2017)

Germany's Merkel, Weakened After Poor Election Showing, Struggles To Form Government (National Public Radio)

Saudi officials reportedly offer freedom to arrested royals — in exchange for 70% of their wealth (CNBC) Saudis expand crackdown with arrest of military officials and businessmen, WSJ reports (CNBC) Saudi Arabia 'settlement': Why the kingdom is offering detained elites freedom for their assets (CNBC)

Lebanon's [Prime Minister] Hariri on Twitter [who has been in Saudi Arabia since Nov. 4]: "I am on the way to the airport" (Reuters)

The House majority is slipping away from Republicans [in the United States] (The Washington Post blogs)

Wells Fargo fires head of consumer lending for misconduct (CNNMoney)

Trump admin. began accepting permits to import lion trophies last month (ABCNews) Trump to allow imports of African elephant trophies (The Hill)

FCC Relaxes Media Ownership Rules in Contentious Vote [as posted here yesterday] (Variety)




     The aim of this blog is to show (mostly from reports in mainstream respected news sources) that there is reason to believe that both the United States and the global economies remain fragile in the wake of the financial crisis of 2008 and that a number of threats exist today that could, if they worsened, bring about economic depression -- not just a minor depression, but a depression worse than the Great Depression. Key threats include excessive risk-taking by financial firms, unchecked by effective regulation; the continued existence of "too big to fail" institutions; and most especially, the amassing of levels of public and private debt which could become unsustainable.

Thursday, November 16, 2017

Thursday roundup (11-16-2017)

[In the United States,] House Approves GOP Tax Overhaul, With Senate Outlook Uncertain (National Public Radio) House passes GOP tax bill, upping pressure on struggling Senate effort (The Washington Post) House Republicans pass tax plan that would cut corporate rate, add $1.4 trillion to deficit (ABCNews)




Former Pentagon chiefs to Congress: If you’re serious about defense, don’t pass current GOP tax bill (The Washington Post)

GOP tax plans make midterm landslide more likely for Dems (The Hill)

Republican governors fear a 2018 midterm wipeout after Virginia loss (CNN)

More than a dozen top Trump campaign officials subpoenaed in Mueller probe (CNBC)

FCC weakens limits on owning TV stations, easing Sinclair-Tribune deal [The Washington Post via] (The Los Angeles Times) All signs point to December vote to kill net neutrality rules, reports say: Chairman Pai likely to unveil plan next week and schedule vote for mid-December. (Ars Technica)

He rails against the drug industry. But Trump is turning to its ranks to fill his administration (Stat)

Taxpayers pay legal bill to protect Trump business profits (USAToday)

The IRS Is Building a Safe to Hold Trump’s Tax Returns: Departed tax chief John Koskinen explains why even he can't see Trump’s taxes—and why we should ‘beware the collapse of the IRS.’ (Politico)

Watchdog says Interior Secretary Ryan Zinke failed to properly document travel (The Washington Post)

Official Warns MTA Budget Deficit Could Surpass $1 Billion In 2021 (CBSNewYork)

Rhode Island on Track for $60M Budget Deficit: Rhode Island is on pace for a $60 million deficit in the current fiscal year due in large part to higher than expected spending by state agencies. (The Associated Press)

Siemens to cut 6,900 jobs to tackle flailing turbines business (Reuters)

     The aim of this blog is to show (mostly from reports in mainstream respected news sources) that there is reason to believe that both the United States and the global economies remain fragile in the wake of the financial crisis of 2008 and that a number of threats exist today that could, if they worsened, bring about economic depression -- not just a minor depression, but a depression worse than the Great Depression. Key threats include excessive risk-taking by financial firms, unchecked by effective regulation; the continued existence of "too big to fail" institutions; and most especially, the amassing of levels of public and private debt which could become unsustainable.

Initial jobless claims (Weekly report, 11-16-17)

The purpose of this weekly post is to watch how initial jobless claims in the United States are trending (up or down) and to keep track of whether the numbers are holding below 500,000, which would indicate at least the appearance of a fairly healthy economic situation.

According to the report released today:

"Initial jobless claims, a tool to measure U.S. layoffs, rose by 10,000 to 249,000 in the week ended Nov. 11. The number of applications hit a six-week high ..." (Marketwatch)

SEE LAST WEEK'S POST HERE.

     The aim of this blog is to show (mostly from reports in mainstream respected news sources) that there is reason to believe that both the United States and the global economies remain fragile in the wake of the financial crisis of 2008 and that a number of threats exist today that could, if they worsened, bring about economic depression -- not just a minor depression, but a depression worse than the Great Depression. Key threats include excessive risk-taking by financial firms, unchecked by effective regulation; the continued existence of "too big to fail" institutions; and most especially, the amassing of levels of public and private debt which could become unsustainable.

Wednesday, November 15, 2017

Wednesday roundup (11-15-2017)

Italy CRISIS: Experts warning of 'real' dangers brewing - 'Italians should know!': ITALY has been warned by the European Union that its economy is not improving as the country continues to struggle to tackle its structural deficit. (The Express)

Debt Deflation Setup [in the United States]: Credit Card Defaults and Subprime Auto Delinquencies Rise: Serious mortgage delinquencies are leveling off and remain one recession away from a serious upswing. Credit card and auto loan delinquencies are already on the rise. (TheMaven)

Trump returns home from Asia with few clear wins: The president says he strengthened his friendships and pointed to billions in new deals – but he failed to extract major concessions from China and others abroad. (Politico)

Trump asks South Korea’s president: ‘Do you have to reunify?’ (The Washington Post) Richard Cordray Stepping Down As Head Of U.S. Consumer Protection Agency (National Public Radio)

Donald Trump Has Nominated 480 People So Far in His Presidency. 80% of Them Are Men.: The gender imbalance is striking. And there’s no sign of it getting any better. (The Daily Beast)

Trump administration deals a blow to international anti-corruption efforts: The decision has been met with widespread criticism from transparency advocate groups. (ThinkProgress)

“Total Bullshit”: Ex-Staffers Say Tillerson’s “Disdain” Is Killing the State Department: The former C.E.O. believes that the private sector does everything better—but diplomacy might not run on business principles. There is a “danger of us losing the art of diplomacy,” one former foreign-service officer said. “Tillerson continues to apply black-and-white logic to a profession that operates very much in the gray.” (VanityFair)

Firm founded by KGB spy to guard US Moscow embassy (The BBC)

The most important Senate hearing of this presidency (The Washington Post blogs)




Senators near bipartisan deal on gun control, sources say (NBCNews)







     The aim of this blog is to show (mostly from reports in mainstream respected news sources) that there is reason to believe that both the United States and the global economies remain fragile in the wake of the financial crisis of 2008 and that a number of threats exist today that could, if they worsened, bring about economic depression -- not just a minor depression, but a depression worse than the Great Depression. Key threats include excessive risk-taking by financial firms, unchecked by effective regulation; the continued existence of "too big to fail" institutions; and most especially, the amassing of levels of public and private debt which could become unsustainable.

Tuesday, November 14, 2017

Tuesday roundup (11-14-2017)

Richest 1% own half the world's wealth, study finds: Credit Suisse report highlights increasing gap between the super-rich and the remainder of the globe’s population (The Guardian) New report shows that half of the world’s wealth is owned by the richest 1 percent: The news comes on the heels of the explosive Paradise Papers leak, which detailed how the rich are hiding that money. (ThinkProgress)

How to Save Humanity: 15,000 Scientists Urge Action Before 'Vast Human Misery' Takes Over (Newsweek)

Britain now spends £49 BILLION paying INTEREST on debts EVERY YEAR: BRITAIN now spends a colossal £49.1 billion merely paying off the interest on the money it owes in public debt every year, the latest figures have revealed. (The Express)

Venezuela just defaulted, moving deeper into crisis (CNNMoney) Venezuela says debt refinancing under way, S&P calls selective default (Reuters) Venezuelan Debt Now Has the Vultures Circling (The New York Times)

Lawmakers, US allies seek assurance that Trump won't rashly launch nuclear strike (CNN) Don’t Count on the Cabinet to Stop a Trump-Ordered Nuclear Strike: James Mattis and Rex Tillerson can’t stop a nuclear war if President Trump wants one, says former Defense Secretary Bill Perry. (Politico)

Senate Republicans tie tax plan to repeal of key Obamacare mandate (Reuters) Insurers, doctors and hospitals oppose repeal of Obamacare individual mandate (CNBC)







Trump choosing white men as judges, highest rate in decades (The Associated Press)




RNC cuts off Moore: The national party pulls out of a fundraising pact with the Alabama candidate, further isolating him. (Politico) Alabama GOP Moves Toward Deciding Roy Moore’s Fate Later This Week (Talking Points Memo) Past Sexual Misconduct Cases Show McConnell Is Willing to Take a Tough Line (The New York Times) Our view: Roy Moore grossly unfit for office (AL) Charlie Sykes: Roy Moore Signals the End of the Republican Party (Time)










Trump faces wrenching call on Moore: The president must decide whether to pressure the Alabama candidate to drop out — and possibly prod Jeff Sessions to take back his old seat. (Politico) How the Roy Moore scandal could help President Trump fire Robert Mueller: Replacing Moore with Jeff Sessions could have unexpected consequences. (The Washington Post) The Justice Department shouldn’t even be considering prosecuting Hillary Clinton (The Washington Post)

The State of Free Speech and Tolerance in America: Attitudes about Free Speech, Campus Speech, Religious Liberty, and Tolerance of Political Expression [Oct. 31] (Cato Institute) [pdf download] (Cato Institute)

Mizuho Profit Falls as Bank Confirms Thousands of Jobs Will Go [= 19,000 over a decade] (Bloomberg)

     The aim of this blog is to show (mostly from reports in mainstream respected news sources) that there is reason to believe that both the United States and the global economies remain fragile in the wake of the financial crisis of 2008 and that a number of threats exist today that could, if they worsened, bring about economic depression -- not just a minor depression, but a depression worse than the Great Depression. Key threats include excessive risk-taking by financial firms, unchecked by effective regulation; the continued existence of "too big to fail" institutions; and most especially, the amassing of levels of public and private debt which could become unsustainable.

Monday, November 13, 2017

Monday roundup (11-13-2017)

Italy risks storm as QE ends and politics go haywire, HSBC warns by Ambrose Evans-Pritchard [article behind paywall] (The Telegraph)

[In the Philippines,] Trump Lauds ‘Great Relationship’ With Duterte in Manila (The New York Times) Trump and Duterte bonded over how much they dislike Obama (Vice) From Burma to the Philippines, Trump largely ignores human rights on Asia trip (The Washington Post)




‘They Want to Know If Trump’s Crazy’: Inside the secret back-channel North Korea talks. (Politico)

Venezuela set to go BANKRUPT in hours triggering $60BILLION global financial crisis: VENEZUELA is on the brink of an huge financial default which could spark a massive 'domino effect' financial crisis across the world. (The Express) On brink of bankruptcy, Venezuela faces day of reckoning (France24)

Puerto Rico Seeks $94 Billion in U.S. Aid for Hurricane Recovery (Bloomberg) [Meanwhile] The Lineman Got $63 an Hour. The Utility Was Billed $319 an Hour. (The New York Times)

US budget deficit up sharply to $63.2 billion in October (The Associated Press)

More than 400 millionaires tell Congress: Don’t cut our taxes (The Washington Post) A key Senate Republican admitted the current tax reform bill can't pass without significant changes (The Business Insider) GOP Plan Retains Tax Break for Golf-Course Owners (New York)




Cruz pulls support from Moore: Allegations merit ‘criminal prosecution’ if true (The Hill) Woman Says Roy Moore Tried to Rape Her When She Was 16 and Signed Her Yearbook: Beverly Young Nelson issued the most serious allegation yet against the Republican candidate for Senate, saying he choked her and said, ‘You’re just a child.’ (The Daily Beast) A Fifth Woman Accuses Senate Candidate Roy Moore of Sexual Misconduct (The New York Times) [Town of] Gadsden locals say Moore's predatory behavior at mall, restaurants not a secret (AL) Locals Were Troubled by Roy Moore’s Interactions with Teen Girls at the Gadsden Mall (The New Yorker) The Republican National Committee Hasn't Yet Dumped Roy Moore: “If they asked me,” one RNC member told BuzzFeed News, “I’d tell them to put RNC resources elsewhere.” (BuzzFeedNews)










     The aim of this blog is to show (mostly from reports in mainstream respected news sources) that there is reason to believe that both the United States and the global economies remain fragile in the wake of the financial crisis of 2008 and that a number of threats exist today that could, if they worsened, bring about economic depression -- not just a minor depression, but a depression worse than the Great Depression. Key threats include excessive risk-taking by financial firms, unchecked by effective regulation; the continued existence of "too big to fail" institutions; and most especially, the amassing of levels of public and private debt which could become unsustainable.

Sunday, November 12, 2017

Sunday roundup (11-12-2017)



Central banks might need 1,000 rate hikes to unwind their response to the Great Recession (The Business Insider)

Tens of Thousands Join Polish White Supremacist March: “Europe Must Be White” (Slate blogs)




[Lebanon's (Missing) Prime Minister] Saad al-Hariri says he'll leave Saudi Arabia and return to Lebanon within days (CNBC)

Trump Team Begins Drafting Middle East Peace Plan (The New York Times)

Trump: Being friends with North Korea's Kim is possible (Reuters)




2018 Will Be Significantly Worse For Debt-Laden U.S. Retailers (Forbes)

President Trump, Please Read the [United States] Constitution [Editorial] (The New York Times)

Trump Is Rapidly Reshaping the Judiciary. Here’s How. (The New York Times)

EPA is taking more advice from industry — and ignoring its own scientists (The Washington Post)

Bannon Put a Target on His Back. McConnell’s Answer: ‘Ha-Ha.’ (The New York Times)

Why I Boycotted Congress' 'Moment of Silence' After the Texas Shooting: We cannot treat mass shootings as natural disasters — this tragedy is man-made. by Rep. Ted Lieu (NBCNews)

Are Journalists the Enemy of the American People? (The Big Picture blog)

Trump Asked White House Kitchen Staff to Make McDonald's Menu Items: The POTUS really likes his Quarter Pounder and fried apple pie (Eater)

     The aim of this blog is to show (mostly from reports in mainstream respected news sources) that there is reason to believe that both the United States and the global economies remain fragile in the wake of the financial crisis of 2008 and that a number of threats exist today that could, if they worsened, bring about economic depression -- not just a minor depression, but a depression worse than the Great Depression. Key threats include excessive risk-taking by financial firms, unchecked by effective regulation; the continued existence of "too big to fail" institutions; and most especially, the amassing of levels of public and private debt which could become unsustainable.

Saturday, November 11, 2017

Wednesday-Saturday roundup (11-08 through 11-11-2017)

Case of Missing Lebanese Prime Minister Stirs Middle East Tensions [Nov. 10] (The New York Times)

Trump: 'I give China great credit' for taking advantage of the US — but that must change [Nov. 9] (CNBC)













Advisers Pulled Back Trump From Harder Line on N. Korea [Nov. 10] (NBCNews) Is the Political Class Drifting Toward War with North Korea? [Nov. 8] (The New Yorker)

Asia-Pacific forum sticks to free-trade gospel despite Trump (The Associated Press) Trade ministers from 11 Pacific Rim countries say they have reached basic agreement on trade pact without US [Nov. 10] (The Associated Press)

National debt hits record ¥1.08 quad. (Jiji Press)

[In the United States,] State Department to Offer Buyouts in Effort to Cut Staff [Nov 10] (The New York Times) America’s diplomacy power is being completely destroyed, ambassador warns: Fleeing foreign officers have a “serious, immediate, and tangible effect” on America’s ability to shape the world [Nov. 8] (Salon)

Trump slams former US intel leaders as 'political hacks' (The Hill) Trump careens off script on Russia after Putin meeting: After a week of delicate diplomacy in Asia, the president on Saturday again dismissed U.S. intelligence officials’ claims of Russian election meddling. (Politico)




The 29 most eye-popping lines from Donald Trump's press gaggle in Vietnam (CNN)

Puerto Rico emergency management chief resigns [Nov. 10] (The Hill) Puerto Rico is in blackout again after power line fixed by Whitefish fails: A major outage has plunged more than 80 percent of the island back into darkness. [Nov. 10] (Vox) Six weeks after Hurricane Maria, Puerto Ricans still waiting for help from Fema: Federal agency still hobbled by lack of electricity and reliable cell and internet service – stopping Puerto Ricans from getting the help they desperately need [Nov. 9] (The Guardian) Millions Of Puerto Ricans Just Lost Power Again After A Line Repaired By Whitefish Energy Failed: Officials confirmed more than 80% of Puerto Rico was once again in the dark Thursday after the failure of a major power line. [Nov. 9] (BuzzFeedNews)

Anti-Trump backlash fuels a Democratic sweep in Virginia and elections across the country [Nov. 8] (The Washington Post) Dems win from coast to coast [Nov. 7] (The Hill) Voters just raised a massive red flag for the GOP's agenda [Nov. 8] (CNBC)













There is a wave of Republicans leaving Congress [Nov. 10] (CNN)

The Republican Tax Plan Is Literally Too Unhinged to Pass: Senate rules prohibit the G.O.P.’s current monstrosity from passing with anything less than 60 votes. [Nov. 10] (VanityFair)

Mueller interviews top White House aide [Nov. 9] (CNN) Robert Mueller Is Moving Toward Donald Trump: Last week’s indictments are just the tip of the iceberg. [Nov. 10] (The Huffington Post)

White House chief of staff tried to pressure acting DHS secretary to expel thousands of Hondurans, officials say [Nov. 9] (The Washington Post)

McCain opposes Trump nominee over torture memos [Nov. 8] (Politico)

The New Washington Drama: Treasury Secretary Versus Treasury Secretary [Nov. 8] (The New York Times)

Inside Betsy DeVos’s efforts to shrink the Education Department [Nov. 8] (The Washington Post)

Jared Kushner and Ivanka's Use of Trump Helicopters is Unethical and Possibly Illegal [Nov. 8] (Newsweek)

The Strange Pleasure of Seeing Carter Page Set Himself on Fire: In any other administration, this awkward and silly man would be at the bottom of the barrel. In Trump world, he’s in the middle quintile. [Nov. 8] (The Daily Beast)

CNN poll: One year later, less confidence, less trust in President Trump [Nov. 8] (CNN)

Lawmakers alarmed at push to sell CNN: President Trump, who has repeatedly derided CNN's coverage of his administration as 'fake news,' has loomed over the deal since the companies announced it. [Nov. 8] (Politico)




Trump judge nominee [in Alabama], 36, who has never tried a case, wins approval of Senate panel [Nov. 10] (The Los Angeles Times)




GOP rushes to cut ties to Moore (The Hill) [Alabama's US Senate candidate] Roy Moore response shows GOP deserves to die: This is the sorry culmination of two trends that have disfigured the conservative movement: contempt for the facts and desire to win at all costs. [Nov. 10] (USAToday) Ex-McConnell aide knocks Bannon for Roy Moore scandal [Nov. 9] (The Hill) Conservatives, Don’t Dismiss the Sexual Misconduct Claims Against Roy Moore [Nov. 9] (National Review)
















America’s ‘Retail Apocalypse’ Is Really Just Beginning [Nov. 8] (Bloomberg)

Capital One exits mortgage loans business, cuts 1,100 jobs [Nov. 8] (Reuters)

     The aim of this blog is to show (mostly from reports in mainstream respected news sources) that there is reason to believe that both the United States and the global economies remain fragile in the wake of the financial crisis of 2008 and that a number of threats exist today that could, if they worsened, bring about economic depression -- not just a minor depression, but a depression worse than the Great Depression. Key threats include excessive risk-taking by financial firms, unchecked by effective regulation; the continued existence of "too big to fail" institutions; and most especially, the amassing of levels of public and private debt which could become unsustainable.

Initial jobless claims (Weekly report, 11-09-17)

The purpose of this weekly post is to watch how initial jobless claims in the United States are trending (up or down) and to keep track of whether the numbers are holding below 500,000, which would indicate at least the appearance of a fairly healthy economic situation.

According to the report released Nov. 9:

"The numbers: Initial U.S. jobless claims, a proxy for layoffs, rose by 10,000 to 239,000 in the week ended Nov. 4, the Labor Department said." (Marketwatch)

SEE LAST WEEK'S POST HERE.

     The aim of this blog is to show (mostly from reports in mainstream respected news sources) that there is reason to believe that both the United States and the global economies remain fragile in the wake of the financial crisis of 2008 and that a number of threats exist today that could, if they worsened, bring about economic depression -- not just a minor depression, but a depression worse than the Great Depression. Key threats include excessive risk-taking by financial firms, unchecked by effective regulation; the continued existence of "too big to fail" institutions; and most especially, the amassing of levels of public and private debt which could become unsustainable.

Tuesday, November 7, 2017

Tuesday roundup (11-07-2017)

Top E.U. Diplomat Rejects Trump’s Call for New Iran Nuclear Deal (The New York Times) EU foreign policy chief: Renegotiation of the Iran deal is not an option (The Washington Post) Trump’s Irrational Hatred of the Iran Deal: Even fierce critics of Tehran called the agreement vital to international security. The President wants to decertify it. [Oct. 23] (The New Yorker)

Trump harming global economy, economic experts say in [German research institute] Ifo survey (The Financial Times)

Germany still has no government — here are the key reasons why (CNBC)

Italy May Sell Eni Stake To Pay Off National Debt (OilPrice)

REALLY?! ECB chief Draghi praises reforms - while Italy crumbles under debt CRISIS: EUROPEAN Central Bank president Mario Draghi has praised reforms of European banks, seemingly ignoring warnings Italian financial firms may never recoup their bad debts. (The Express)

Trump asks Japanese automakers to do something they've been doing for 35 years (The Detroit Free Press)







Trump strikes optimistic tone on North Korea: 'We're making a lot of progress' (CNN) Trump strikes more conciliatory tone toward North Korea, urges ‘deal’ to resolve standoff with United States (The Washington Post)

Puerto Rico after Maria, by the numbers (Axios)

The New York Fed Chief Is Stepping Down — but Not Quietly (The New York Times)

What Explains U.S. Mass Shootings? International Comparisons Suggest an Answer (The New York Times) ‘I can’t do this again’: Why a congressman walked out of moment of silence for Texas victims (The Washington Post) A top Trump Pentagon nominee thinks it’s “insane” that civilians can buy assault rifles: Weirdly, he disagrees with the person trying to give him a job. (Vox) We object to Republicans’ hypocrisy on guns, not ‘thoughts and prayers’ (The Washington Post blogs)







“They’re in a World of Shit”: Ivanka and Jared’s First Year in Washington Has Not Gone as Expected: A year after Trump’s stunning election, the administration has zero legislative wins, a looming investigation hanging over their heads, and Jared and Ivanka have a pretty erratic family member/boss to deal with—and New York isn’t looking much prettier. (VanityFair)

Our political parties can’t save themselves (The Washington Post)

Target to close a dozen underperforming stores (CNBC)

Transport For London To Slash Up To 1,400 Jobs 'Due To Spending Cuts', RMT Union Says (The Huffington Post)

Capital One to cut 950 jobs in Plano with closing of home loan business, call center (The Dallas Morning News)

     The aim of this blog is to show (mostly from reports in mainstream respected news sources) that there is reason to believe that both the United States and the global economies remain fragile in the wake of the financial crisis of 2008 and that a number of threats exist today that could, if they worsened, bring about economic depression -- not just a minor depression, but a depression worse than the Great Depression. Key threats include excessive risk-taking by financial firms, unchecked by effective regulation; the continued existence of "too big to fail" institutions; and most especially, the amassing of levels of public and private debt which could become unsustainable.

Monday, November 6, 2017

Monday roundup (11-06-2017)

The Germans are making contingency plans for the collapse of Europe. Let’s hope we [in the UK] are, too: A leaked defence document has revealed the country’s worries about the breakup of the global order – a scenario with serious consequences for post-Brexit Britain (The Guardian)

China’s central bank boss warns of ‘sudden, contagious and hazardous’ financial risks: China's financial system is becoming significantly more vulnerable due to high leverage (The Financial Post)

[In the United States,] Puerto Rico's post-Maria recovery [is] under further strain as residents flee island by the masses (AccuWeather) Puerto Rico still mostly without electricity: Six weeks after Hurricane Maria, the head of the Army Corps of Engineers predicts another two to three months before most Puerto Ricans have power restored (CBSNews Sixty Minutes)

Trump's Government of One (Axios)







So now the House GOP tax bill is more like a suggestion? (The Washington Post blogs)

More deregulation is coming to the US, Commerce Secretary Wilbur Ross says (CNBC)

Fed leadership overhaul widens under Trump (The Associated Press)

Ask Trump’s Fed-chief pick if he’s sorry about ‘too big to fail’ (The New York Post)

CNN Poll: Trump approval at new low as Russia concerns grow (CNN)

Americans Are Renouncing Citizenship at a Record Pace: Third-quarter numbers point to another annual high. (Bloomberg)

The Trump administration is up to its neck in Russians (The Washington Post)




Donald Trump accused of obstructing satellite research into climate change: Republican-controlled Congress ordered destruction of vital sea-ice probe (The Observer)

Is Landscaping Drama at the Root of Rand Paul’s Assault? (The New York Times)

Homelessness soars on West Coast as cities struggle to cope (CNBC)

Siemens Gamesa to cut as many as 6,000 jobs (Reuters)

Humana eliminates 2,450 jobs as it exits the ACA in 2018 (Insider Louisville) Humana to cut 1,300 jobs nationwide [the other jobs lost being early-retirement buyouts] (WDRB)

     The aim of this blog is to show (mostly from reports in mainstream respected news sources) that there is reason to believe that both the United States and the global economies remain fragile in the wake of the financial crisis of 2008 and that a number of threats exist today that could, if they worsened, bring about economic depression -- not just a minor depression, but a depression worse than the Great Depression. Key threats include excessive risk-taking by financial firms, unchecked by effective regulation; the continued existence of "too big to fail" institutions; and most especially, the amassing of levels of public and private debt which could become unsustainable.

Sunday, November 5, 2017

Sunday roundup (11-05-2017)

[In the United States,] Trump's approval rating hits historic low, Washington Post-ABC poll says (CNN) Poll: Trump’s performance lags behind even tepid public expectations (The Washington Post)










Trump kicks off his 12-day tour of Asia in Japan (The Business Insider) Trump gets ready to 'maximize pressure' on North Korea: The president's swing through Asia — the longest trip since he took office — will likely be a defining moment of his first year. (Politico)







Millions of Leaked Files Shine Light on Where the Elite Hide Their Money (The New York Times) The wealthy men in Trump's inner circle with links to tax havens: The president promised to bring trillions of dollars back to the US, but many around him are no strangers to the offshore world (The Guardian) Paradise Papers Are the New Panama Papers by Barry Ritholtz (The Big Picture blog)




At least nine people in Trump’s orbit had contact with Russians during campaign and transition (The Washington Post)




Commerce Secretary’s Offshore Ties to Putin ‘Cronies’: Wilbur Ross, the commerce secretary, retained investments in a shipping firm with business ties to Russian President Vladimir V. Putin’s inner circle. (The New York Times) Trump commerce secretary's business links with Putin family laid out in leaked files: Wilbur Ross stands to profit from company run by Russians, some of whom are under US sanctions (The Guardian) Wilbur Ross Latest Trump Official To Fall Under Scrutiny For Russia-Relations: Leaked documents show Commerce Secretary Ross failed to disclose that he retained an interest in a shipping firm that has close dealings with Vladimir Putin’s son-in-law and others close to the Russian president. (NBC Nightly News)









Mueller Has Enough Evidence to Bring Charges in Flynn Investigation (NBCNews)







Paul Ryan: Mueller shouldn't resign or be fired (CNN) Ryan pledges Congress won't 'interfere' with Mueller Russia probe (Politico)

Republican Senator Says He Can't Support Tax Bill That Balloons Debt (Bloomberg) Six problems for the GOP tax plan (The Washington Post blogs)

[Meanwhile a Republican Senator has been sidelined:] Sen. Rand Paul’s injuries far more severe than initially thought (The Washington Post)

     The aim of this blog is to show (mostly from reports in mainstream respected news sources) that there is reason to believe that both the United States and the global economies remain fragile in the wake of the financial crisis of 2008 and that a number of threats exist today that could, if they worsened, bring about economic depression -- not just a minor depression, but a depression worse than the Great Depression. Key threats include excessive risk-taking by financial firms, unchecked by effective regulation; the continued existence of "too big to fail" institutions; and most especially, the amassing of levels of public and private debt which could become unsustainable.

Saturday, November 4, 2017

Saturday roundup (11-04-2017)

Saudi Arabia Arrests 11 Princes, Including Billionaire Alwaleed bin Talal (The New York Times)







Red debt rising: China faces an economic slowdown as the era of easy borrowing ends (The Washington Times)

[In the United States,] Both Bush Presidents Worry Trump Is Blowing Up the G.O.P. (The New York Times) White House attacks legacies of both Bush presidents after reports that they refused to vote for Trump (The Washington Post)

‘Very Frustrated’ Trump Becomes Top Critic of Law Enforcement (The New York Times) President Trump Committed Another Impeachable Offense on Friday: He’s racking them up. (Slate) Trump's push for inquiries challenges Justice Dept. independence: By going after political opponents for prosecution, the president risks a major breach of protocol. (Politico)










The Sleazy Case Against Mueller’s Probe (The New York Times)

EPA names industry, state officials to advisory boards (The Hill)

Inside Trump’s Cruel Campaign Against the U.S.D.A.’s Scientists: The folks at the Department of Agriculture laid on a friendly welcome for the Trump transition team, but they soon discovered that most of his appointees were stunningly unqualified. With key U.S.D.A. programs—from food stamps to meat inspection, to grants and loans for rural development, to school lunches—under siege, the agency’s greatest problem is that even the people it helps most don’t know what it does. (Vanity Fair)

Trumpocracy: Tracking the Creeping Authoritarianism of the 45th President: Conspiracy theories, attacks on the press, praise for tyrants, and other troubling moves by the Trump administration. (Mother Jones)

Trump’s year of anger, disruption and scandal: On Election Night last year, Trump ripped up his speech and made a personal appeal for national unity. It was a glimpse of a presidency that might have been. (Politico)

Puerto Rico's water woes raise fears of health crisis six weeks after Hurricane Maria (USAToday)

     The aim of this blog is to show (mostly from reports in mainstream respected news sources) that there is reason to believe that both the United States and the global economies remain fragile in the wake of the financial crisis of 2008 and that a number of threats exist today that could, if they worsened, bring about economic depression -- not just a minor depression, but a depression worse than the Great Depression. Key threats include excessive risk-taking by financial firms, unchecked by effective regulation; the continued existence of "too big to fail" institutions; and most especially, the amassing of levels of public and private debt which could become unsustainable.